Ellandi & Bridges Ventures team up for new community shopping centre investment platform

Posted by Ellandi on 30th Jul 2015

The Bridges Property Alternatives Fund III, managed by specialist sustainable and impact investor Bridges Ventures (“Bridges”), has announced a new joint venture with Ellandi, the UK’s leading community shopping centre investor. 

In the coming months, Bridges and Ellandi will look to build a portfolio of community shopping centres, employing intensive asset management strategies in order to achieve both outstanding risk-adjusted returns for investors and improved social outcomes for the local area. 

The partners have already exchanged on their first acquisition - the Parkway Shopping Centre in Coulby Newham, Middlesbrough. This freehold investment comprises a 117,000 sq. ft. Tesco Extra, and a covered mall of over 93,000 sq. ft. anchored by Iceland, Peacocks, Home Bargains and Boots. 

The investment is in line with one of Bridges’ four key impact themes: increasing economic and social dynamism in underserved areas of the UK. Local shopping centres play a vital role within their communities, providing shoppers with affordable and convenient access to much-needed goods and services, while also creating jobs for local people. 

The partners will look to redevelop the site to add environmental features where possible, in order to reduce emissions and cut operating costs for tenants. 

Mark Robinson, Property Director at Ellandi, commented: “Ellandi has always believed that our returns should also be measured in terms of the impact that we make on the communities where we invest, so it is very exciting to be aligned with a financial partner that has similar core values.”

“Coulby Newham has been privately owned and under-invested for a number of years. We are looking forward to implementing strategies that will bring employment opportunities, better social engagement and sustainable energy strategies to this asset.” 

David Schlegel, Investment Manager at Bridges Ventures, added: “We are excited to have made our first investment in this sector, in line with our strategy of committing capital to assets in underserved areas with multiple asset management and development opportunities – through which we can deliver strong returns for investors and demonstrable social impact.”   

“Parkway Shopping Centre plays a key role in the wider Coulby Newham community, and we look forward to drawing on the expertise of Ellandi – who share our view of how developments like this can support local communities – to improve this site in the coming months.” 

Ellandi and Bridges Ventures were represented by Lisney. The vendor was a privately-owned property company advised by Lambert Smith Hampson.  Barker Proudlove and Knight Frank will act as letting agents on the scheme.  

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Notes to Editor   

About Ellandi (www.ellandi.co.uk) 

Ellandi is the UK’s only dedicated investment manager focused on community shopping centres with assets under management in excess of £700m comprising a portfolio of twenty two shopping centres.   

About Bridges Ventures (www.bridgesventures.com) 

Bridges Ventures is a specialist fund manager focused exclusively on sustainable and impact investing: using commercial investment strategies to generate attractive financial returns alongside positive social and environmental impact. It manages nearly £600m across its Sustainable Growth, Property and Social Sector funds. 

The Bridges Property Alternatives Fund III – which held a final close in June 2015 with £212m of equity commitments – invests either directly or via joint ventures in property and property-backed operating businesses. It targets niche real estate opportunities driven by demographic shifts and changing consumer needs in areas like healthcare, education, SME business space and affordable residential accommodation.

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